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Posted:
By:
Bob Buckham
Website: http://www.best -choice-loans.com
Mortgage Loan: 'Don't buy that car right now, dear'
If you're in the market for a mortgage loan, you want to keep one thing high and one thing low.
You want to make sure that your FICO credit score is high and your debt-to-income ratio is low.
If you are seeking a loan, most often the loans officer will do a credit check on you. The most popular credit report comes from FICO, which stands for Fair Isaac & Company, and credit scores are reported by each of the three major credit bureaus: TRW (Experian), Equifax, and Trans Union. On a scale between 365 and 840, a score of 680 will put a smile on the face of your loans officer, and greatly assist you in your quest for a mortgage loan.
On the other side of the coin, the lending company will also want to ensure that your debt-to-income ratio is low. This is the ratio of how much you owe compared to how much you make.
Sometimes when people are hunting for a house, they wish to purchase other large ticket items like furniture, appliances or a CAR. Now, all of these things are great, but there is a time and place for everything. And the wrong time to make these purchases is when you're applying for a mortgage loan.
Why? Because originally the borrower would have qualified in the price range they were looking for, except that the new car payment has raised their debt-to-income ratio, thus lowering their maximum purchase price.
About The Author:Bob Buckham is a successful author and the
publisher of http://www.best -choice-loans.com. Many have commented that his website offers the best recommendations, links and information on loans, mortgages and financing. *Webmasters,
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